Page:United States Statutes at Large Volume 90 Part 2.djvu/273

 PUBLIC LAW 94-455—OCT. 4, 1976 (A)

90 STAT. 1741

L I M I T A T I O N S ON CARRYOVERS OR CARRYBACKS FOR GROUPS

ELECTING UNDER SECTION 1504(c)(2).—If an affiliated g r o u p elects to file a consolidated r e t u r n pursuant to section 1504 (c)(2) of the I n t e r n a l Revenue Code of 1954, a carryover of a loss or credit from a taxable year ending before January 1, 1981, and losses or credits which may be carried back to tax able years ending before such date, shall be taken into account as if this section h a d not been enacted. (B) NoNTERMiNATioN OF AFFILIATED GROUP.—The mere election to file a consolidated return pursuant to such section 1504(c)(2) shall not cause the termination of an affiliated g r o u p filing consolidated returns. SEC. 1508. TREATMENT OF CERTAIN LIFE INSURANCE CONTRACTS GUARANTEED RENEWABLE. (a) IN GENERAL. — Paragraph (d)(5) of section 809 (relating to certain nonparticipating contracts) is amended by a d d i n g a t the end thereof the following sentence: " For purposes of this paragraph, the period for which any contract is issued or renewed includes the period for which such contract is guaranteed renewable." (b) EFFECTIVE D A T E. — The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1957. SEC. 1509. STUDY OF EXPANDED PARTICIPATION IN INDIVIDUAL RETIREMENT ACCOUNTS. The Joint Committee on Taxation shall carry out a study with respect to broadening the class of individuals who are eligible to claim a deduction for retirement savings under section 219 or 220 of the I n t e r n a l Revenue Code of 1954 to include individuals who are particip a n t s in pension plans described in section 401(a) of such Code (relating to qualified pension, profit-sharing, and stock bonus plans) or similar plans established for its employees by the United States, by a State or political division thereof, or by an agency or instrumentality of the United States or a State or political division thereof. The Joint Committee shall report its findings to the Committee on W a y s and Means of the House of Representatives and to the Committee on Finance of the Senate.

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26 USC 809.

26 USC 809 note. 26 USC 8022 note-

26 USC 219. Ante, p. 1734.

Report to congressional committees.

SEC. 1510. TAXABLE STATUS OF PENSION BENEFIT GUARANTY CORPORATION. (a) IN GENERAL.—Section 4002(g)(1) of the Employee Retirement ' Income Security Act of 1974 (29 U.S.C. 1302(f)(1)) is amended by inserting "by the United States (other than taxes imposed under chapter 21 of the I n t e r n a l Revenue Code of 1954, relating to Federal 26 USC 3101. Insurance Contributions Act, and chapter 23 of such Code, relating to 26 USC 3301. Federal Unemployment T a x Act), o r " immediately after "imposed". (b) EFFECTIVE D A T E. — The amendment made by subsection (a) shall 29 USC 1302 take effect on September 2, 1974. note. SEC. 1511. LEVEL PREMIUM PLANS COVERING OWNER-EMPLOYEES. (a) IN GENERAL.—Section 415(c) (relating to limitation for defined 26 USC 415. contribution plans) is amended by a d d i n g after paragraph (6) the following new paragraph: " (7) CERTAIN LEVEL PREMIUM A N N U I T Y CONTRACTS UNDER P L A N S

BENEFITING

OWNER-EMPLOYEES.—Paragraph

(1)(B)

shall

not

a p p l y to a contribution described in section 401(e) which is made on behalf of a part i c i p a n t for a year to a plan which benefits an owner-employee (within the meaning of section 401(c)(3)), if—

89-194 O—78—pt. 2

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